Oklahoma Foreclosure is primarily Judicial.
The Oklahoma foreclosure process begins by filing a lawsuit. This allows for the court to order the foreclosure. There is a filing of lis pendens. The court issues judgment and affidavit of judgment is filed with county clerk. After court declares foreclosure, there is a special order of sale. The property must be appraised before it goes to auction.
Oklahoma Foreclosure Notice of Sale
The Oklahoma foreclosure notice of sale must be published in a newspaper in the county where the property is located once a week for at least (3) consecutive weeks, with the first publishing being not less than thirty (25) days before the sale. Mailings will be sent out to current owners of the property notifying them of the sale.
The property must be sold at public auction to the highest bidder at the time and on the date specified in the notice. The highest bidder at the must post cash or certified funds equal to ten (10) percent of the bid amount. If the highest bidder is unable to do so, then the lender may proceed with the sale and accept the next highest bid. The property may not be sold for less than two-thirds of the appraised value. The lender may issue a deficiency judgment, as long as it is with in 90 days of the foreclosure sale.
Oklahoma Foreclosure Redemption Period
After a Oklahoma foreclosure sale, there is no redemption period.
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